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As difficult as it is, accumulating wealth is only the first step to providing a financially secure future for your family. You also need to develop a comprehensive estate plan. The earlier you begin, the more options you’ll have to grow and transfer your wealth in a way that minimizes taxes and leaves the legacy you desire.

Estate tax

The estate tax rate is currently 40%, and it’s scheduled to remain at that level. The estate tax exemption increased to $5.43 million ...

Whatever your age, you must plan carefully to help ensure your retirement dreams come true. This means building tax savings into your planning. For example, starting contributions early can make a big difference because of tax-deferred compounding. Choosing the right retirement plan for your situation is also important — is one that offers tax-deferred or tax-free savings better for you? Or perhaps you should contribute to both types of plans. Last, but certainly not least, avoiding early withdrawals and being ...

Running a profitable business these days isn’t easy. You have to operate efficiently, market aggressively and respond swiftly to competitive and financial challenges. But even when you do all of that, taxes may drag down your bottom line more than they should. Don’t let that happen. Take steps like these — and work with your tax advisor — to make your tax bill as small as possible.

Projecting income

Projecting your business’s income for this year and next can allow you to ...

Tax planning for investments demands careful thought. You must consider the tax consequences of your investments as you buy and sell, but not let tax concerns propel your investment decisions. Your investment goals, time horizon, risk tolerance and factors related to the investment itself also should come into play. Nevertheless, tax factors are important. Here’s a look at what you need to know.

Capital gains tax and timing

Although time, not timing, is generally the key to long-term investment success, timing can ...

Raising children and helping them pursue their educational goals or pursuing your own can be highly rewarding. But it also can be expensive. Fortunately, a variety of tax breaks can offset some of the costs, helping you keep your family financially secure and their future bright.

Child and adoption credits

Tax credits reduce your tax bill dollar-for-dollar, so make sure you’re taking every credit you’re entitled to. For each child under age 17 at the end of the year, you ...

Usually it makes tax sense to accelerate as many deductible expenses into the current tax year as you can and defer income to the next year to the extent possible. This can reduce current-year tax, deferring tax to future years. In some cases it may even permanently lock in tax savings. But there are also situations where this strategy could be costly. To time income and deductions to your tax advantage, you must consider the potential impact on your particular ...

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Jackson, Fox & Richardson PC exists as a service organization and we never forget that. This means we are not simply purveyors of technical skills and abilities. Rather, we exist to provide service through the performance we provide to our clients. This helps our clients achieve an efficient, profitable company while, at the same time, Jackson, Fox & Richardson PC assists them in relating their business goals to suitable quality of life standards for them as individuals. We are more ...